unless there is a special provision as to
compensation contained in the will.
The only deductions that are allowed
to be made are for out-of-pocket expenses
incurred in the executorship.

EXEQUATUR. (Fr., Ger., Sp., and
It., Exequatur.)

This is a term used in international
law to signify the official recognition of
a consul or commercial agent given by
the Government of the country in which
he is to exercise his functions. It is
generally issued by the Foreign Office
of each nation, and may be either a
separate document with exequatur for
the first word, or the word itself may
be simply impressed upon the com-
mission under which the consul or agent
holds his office. In England the exe-
quatur of a foreign consul is always
notified in the London Gazette.

EXPECTATION OF LIFE. (Fr. Ex-
pectation de vie, Ger. die zu erwartende
Lebensdauer, Sp. Duración media de la
vida, It. Aspettazione di vita.)

This signifies the average after-life-
time of a person of a given age, the
calculation being made from statistics
collected during the given number of
years.

The expectation of life is of use in
actuarial calculations, and also to a
certain extent in estimating the values
of life annuities and the amounts of life
insurance premiums.

The following table gives the mean
after-lifetime, or expectation of life, of
people in the United Kingdom, based
upon the death returns of 1891-1900.
Age. Male. Female. Age. Male. Female.
0 44.13 47-77 53 17.01 18.58
52.22 54.53 54 16.40 17.91
2 54.12 56.34 55 15.79 17.24
3 54.26 56.49 56 15.19 16.59
4 53.98 56.25 57 14.61 15.95
5 53.50 55.79 58 14.04 15.32
6 52.88 55.18 59 13.48 14.71
7 52.16 54.47 60 12.93 14.10
51.36 53.68 61 12.39 13.51
50.51 52.84 62 11.87 12.94
49.63 51.97 63 11.35 12.37
11 48.73 51.09 64 10.84 11.81
12 47.84 50.21 65 10.34 11.27
13 46.96 49.34 66 9.86 10.74
9.38 10.22
8.93 9.72
8.48 9.24
8.05 8.73
18 42.67 45.09 71 7.64

8

9

10

34567

14 46.08 48.48 67

15

16

45.21 47.61 68
44.34 46.75 69

17 43.50 45.92 70

8.33

previsto.)

Passivo

In bankruptcy this is the sum of
money which, it is expected, will be the
actual amount owing when the estate
comes to be liquidated.

EXPORT LIST. (Fr. Liste d'exporta-
tion, Ger. Ausfuhrliste, Sp. Lista de
exportación, It. Lista di esportazione.)

This is the alphabetical lists of headings
under which exported goods are classified
by the Customs for statistical purposes.

EXPORTATION. (Fr. Exportation,
sortie, Ger. Ausfuhr, Sp. Exportación,
It. Esportazione.)

This is the act of sending commodities
out of one country into another.

EXPORTERS. (Fr. Exportateurs,
Ger. Exporthändler, Sp. Exportadores, It.
Esportatori.)

Exporters are persons who are engaged
in sending goods to foreign countries.

EXPORT PROCEDURE. (Fr. Mode
d'exportation, Ger. Ausfuhrverfahren, Sp.
Sistema de exportación, It. Sistema
(metodo) di esportazione.)

The following outline of the procedure adopted in the export of goods is only an average indication. Methods vary considerably, especially in the earlier parts of the transactions. Some colonial and foreign importers have buyers in England, while some home firms have branches abroad, but a great deal of business follows the methods indicated below.

Indent. The foreign or colonial

house forwards an indent' which contains a list of the articles or goods required. This indent may be precise in description price and details or may leave much to the discretion of the British exporter. The indent also specifies how goods are to be sent, and what the price is to include of carriage, insurance, freight, commission and other charges.

Packing and Marking.-The exporter must see that goods are adequately packed and that every package is marked with a recognisable sign. Costly and rare goods of a nature liable to damage or deterioration require special wrapping of which specialists in the different trades have knowledge. Thus silk should be packed in cases lined with zinc, while calico and cotton goods are sufficiently protected in bales. Goods to be transported up country over difficult territory, should not be packed in unwieldy cases.

The marks upon packages are usually distinguished by some symbol as well as by initials or numbers, and these marks are indicated on documents relating to them.

The name of the port should be boldly painted or stencilled on each package in letters of at least two inches

in size.

Shipment. The shipment of the goods is arranged with steamer companies as soon as it is known that the goods are ready for despatch at the different warehouses and factories. Then instructions are sent to these places explaining to which wharf or dock the goods are to be sent, and the steamer by which they will sail. Marks, numbers, descriptions, and weight must be stated on the shipping notes. It is usual for shippers to deposit a sum with the dock authorities to meet dock charges as these are payable in cash.

Bills of Lading.-The bill of lading (which see) is the contract with the shipping company to carry the goods. This is forwarded to the importer or to the banker who will collect the money

Much business is done on the "Cash against Documents principle (which see).

EXPORTS. (Fr. Marchandises ex. portées, exportations, Ger. Ausfuhrgüter, Sp. Exportaciones, It. Merci di esportazione.)

The goods sent out of a country are known as exports.

The greater part of British exports consists of cotton and woollen goods. Most of the cotton goods are made in South Lancashire, the mills there employing more than half a million operatives. Woollen goods are manufactured in the West Riding of Yorkshire, in the west of England, and in Wales, the number of persons occupied in the industry being more than a quarter of a million. Metal goods and machinery are next in order of value.

Of natural products, the only export of consequence is coal.

EXPORTS CREDITS AND INSURANCE. (Fr. Crédits et assurance, Ger. Krediten und Versicherung, Sp. Créditos y seguro, It. Crediti ed assicurazione.)

The Overseas Trade (Credits and Insurance) Act of 1920, to encourage foreign trade, arranged for guarantees to be given to traders through their bankers for the payment of bills drawn against the shipment of goods. It can be either a guarantee of a specific amount covering a single transaction, or a general guarantee covering a period not exceeding twelve months. Advances are obtainable only on goods not yet shipped and a small commission is charged. Further information and official forms can be obtained from the Department of Overseas Trade (Export Credits Section), 73 Basinghall Street, E.C.2.

EXPULSION FROM MEETING. (Fr. Expulsion de l'assemblée, Ger. Vertreibung aus der Versammlung, Sp. Expulsion de la reunión, It. Espulsione dalla assemblea.)

The expulsion from a meeting of a person who is entitled to attend thereat is illegal, unless: (a) he has been guilty of disorderly conduct of a serious nature, or (b) standing orders provide otherwise. Every member of a meeting has the right to express his views as he thinks fit, provided they are relevant to the occasion and are free from personal or offensive imputations. It is the duty of the chairman to preserve and maintain order at a meeting, and should a disorderly member be requested by him to

behave properly or withdraw, the offending member, if he neglect or refuse, may be removed by such reasonable force as is necessary for the purpose. The chairman must act with tact and discretion in cases of disorder, and ejection should naturally be used only as a last resource, and should rarely be resorted to unless the meeting is unable (owing to disorder) to transact its business.

EXTRACT. (Fr. Extrait, Ger, wahre Abschrift, Sp. Extracto, It. Estratto.) An extract is an exact duplication or copy made of some original document or record or part thereof.

FACE VALUE. (Fr. Valeur nominale, Ger. Nennwert, Nominalwert, Sp. Según valor, It. Valore nominale.)

Face value is the nominal value written or printed upon the face of the bonds, notes, stock certificates, debentures, or other similar documents indicating their par value, that is, the amount for which they are issued. The face value is frequently very different from the market value, which may be higher or lower than the face value, at a premium or at a discount.

FACTOR. (Fr. Agent, facteur, Ger. Agent, Faktor, Sp. Factor, agente, It. Agente, fattore.)

A factor is a person who buys or sells goods for another, but carries on the business in his own name, and not in the name of his principal. A factor differs from a broker in that his authority is of a wider description, and, in addition, he has generally possession of the goods with which he deals. When a factor is employed to dispose of a cargo which he accompanies on a voyage he is called a supercargo.

A factor being an agent, the authority conferred upon him is fixed by the contract of agency at the commencement of his employment. But much is left to usages and customs, and the usages and customs vary in the different markets in which the factor deals. These bind the principal in his dealings with the agent, unless expressly excluded, and they are always binding upon the principal at the instance of third parties.

As a security for the payment of his charges, a factor has a lien upon the goods entrusted to him in the course of his business.

The law with respect to factors was codified by the statute passed in 1889. This Act was the result of a long struggle between the mercantile com

munity on one hand, and the principles of the common law on the other. The general rule of the common law is that no one can transfer to another person a better title to goods, etc., than that which he himself possesses. This was found to work injuriously, and merchants and bankers contended that, n the interests of commerce, if a person was put or left in possession of goods or documents of title, he ought, as regards innocent third parties, to be treated as the owner of the goods, and that innocent transferees for value ought to obtain a good title to them. The Factors Act has practically made this the law of the land, and has extended protection to dealings, in the way of sales, pledges, etc., between what are known as mercantile agents and third parties. It follows, therefore, that a purchaser who deals with a mercantile agent or factor, and who has no reason to suspect and does not know that the authority of such person is limited, obtains a perfectly good title to anything which he buys in the ordinary course of business.

The following are the provisions of the Act

1. (1) The expression "mercantile agent shall mean a mercantile agent having in the customary course of his business as such agent authority either to sell goods, or to consign goods for the purpose of sale, or to buy goods, or to raise money on the security of goods.

(2) A person shall be deemed to be in possession of goods or of the documents of title to goods, where the goods or documents are in his actual custody or are held by any other person subject to his control or for him or on his behalf. (3) The expression goods" shall include wares and merchandise.

66

of

(4) The expression "document" title shall include any bill of lading, dock warrant, warehouse-keeper's certificate, and warrant or order for the delivery of goods, and any other document used in the ordinary course of business as proof of the possession or control of goods, or authorising or purporting to authorise either by indorsement or by delivery, the possessor of the document to transfer or receive goods thereby represented.

(5) The expression "pledge" shall include any contract pledging, or giving a lien or security on, goods, whether in consideration of an original advance or of any further or continuing advance, or of any pecuniary liability.

(6) The expression "person shall include any body of persons corporate or unincorporate.

2. (1) Where a mercantile agent is, with the consent of the owner, in possession of goods or of the documents of title to goods, any sale, pledge, or other disposition of the goods, made by him when acting in the ordinary course of business of a mercantile agent, shall, subject to the provisions of this Act, be as valid as if he were expressly authorised by the owner of the goods to make the same; provided that the person taking under the disposition acts in good faith, and has not at the time of the disposition notice that the person making the disposition has not authority to make the same.

(2) Where a mercantile agent has, with the consent of the owner, been in possession of goods or of the documents of title to goods, any sale, pledge or other disposition, which would have been valid if the consent had continued, shall be valid notwithstanding the determination of the consent, provided that the person taking under the disposition has not at the time thereof notice that the consent has been determined.

(3) Where a mercantile agent has obtained possession of any document of title to goods by reason of his being or having been, with the consent of the owner, in possession of the goods represented thereby, or of any other documents of title to the goods, his possession of the first-mentioned documents shall, for the purposes of this Act, be deemed to be with the consent of the owner.

(4) For the purposes of this Act the consent of the owner shall be presumed in the absence of evidence to the contrary. 3. A pledge of the documents of title to goods shall be deemed to be a pledge of the goods.

4. Where a mercantile agent pledges goods as security for a debt or liability due from the pledgor to the pledgee before the time of the pledge, the pledgee shall acquire no further right to the goods than could have been enforced by the pledgor at the time of the pledge.

5. The consideration necessary for the validity of a sale, pledge, or other disposition of goods, in pursuance of this Act, may be either a payment in cash, or the delivery or transfer of other goods, or of a document of title to goods, or of a negotiable security, or any other valuable consideration; but where goods are pledged by a mercantile agent in consideration of the delivery or transfer

of other goods, or of a document of title to goods, or of a negotiable security, the pledgee shall acquire no right or interest in the goods so pledged in excess of the value of the goods, documents, or security when so delivered or transferred in exchange.

6. For the purposes of this Act an agreement made with 8 mercantile agent through a clerk or other person authorised in the ordinary course of business to make contracts of sale or pledge on his behalf shall be deemed to be an agreement with the agent.

7. (1) Where the owner of goods has given possession of the goods to another person for the purpose of consignment or sale, or has shipped the goods in the name of another person, and the consignee of the goods has not had notice that such person is not the owner of the goods, the consignee shall, in respect of advances made to or for the use of such person, have the same lien on the goods as if such person were the owner of the goods, and may transfer any such lien to another person.

(2) Nothing in this section shall limit or affect the validity of any sale, pledge, or disposition by a mercantile agent.

8. Where a person, having sold goods, continues, or is, in possession of the goods or of the documents of title to the goods, the delivery or transfer by that person, or by a mercantile agent acting for him, of the goods or documents of title under any sale, pledge, or other disposition thereof, or under any agreement for sale, pledge, other disposition thereof, to any person receiving the same in good faith and without notice of the previous sale, shall have the same effect as if the person making the delivery or transfer were expressly authorised by the owner of the goods to make the same.

or

9. Where a person, having bought or agreed to buy goods, obtains with the consent of the seller possession of the goods or the documents of title to the goods, the delivery or transfer by that person or by a mercantile agent acting for him, of the goods or documents of title, under any sale, pledge, or other disposition thereof, or under any agreement for sale, pledge, or other dispo sition thereof, to any person receiving the same in good faith and without notice of any lien or other right of the original seller in respect of the goods, shall have the same effect as if the person making the delivery or transfer were a mercantile agent in possession of the